IMF reforms push forward as application process kicks off for GTSOU oversight positions

The Nomination Committee approved the requirements for candidates and announced the competitive selection for the positions of three independent members of the supervisory board of the GTS Operator of Ukraine, reported the press service of the Ministry of Economy.

Conducting a transparent competitive selection and appointing the supervisory board of the GTS Operator is one of Ukraine's obligations to the International Monetary Fund (IMF) in order to receive macro-financial assistance, the Ministry confirms.

The Committee is expected to announce the winners of the competition by the end of October.

Potential applicants are required to have experience in the management of gas transportation systems in managerial positions, an understanding of the gas supply chain in the countries of the European Union or Ukraine, expertise in finance and auditing, etc.

Last week, the Cabinet of Ministers transferred to the Ministry of Energy a share in the authorized capital of the GTS Operator, which was owned by the company Main Gas Pipelines of Ukraine.

In July 2023, the Verkhovna Rada voted to liquidate the Main Gas Pipelines of Ukraine company as part of optimizing the ownership structure of the GTS Operator.

Ukraine had until the end of July 2023 to transfer the corporate rights of the GTS Operator to the Ministry of Energy and adopt a new charter of the company, developed and agreed with the Secretariat of the Energy Community.

Last year, the Energy Community warned that Ukraine should reform the corporate governance of the GTS Operator of Ukraine to avoid re-certification.